Why New Jersey is booming in the tech market

There have been a number of different areas that have seen tech booms over the years. Silicon Valley is the obvious example, but Montreal, Tokyo and New York have all seen tech booms at different points in time. New Jersey is seeing its own tech boom at the moment and we’ve taken a look at some of the reasons why this is taking place.

Online casino gaming 

This might not seem like much of a reason, but since online gambling was legalized within New Jersey, it has become one of the biggest tax revenue drivers within the state. Obviously, this has led to a number of new online casinos establishing their presence. This has made it difficult for players to choose the right one to play at. The good news is that you can easily check which casino will meet your requirements, as these reviews on Time2Play outline the best options.

It’s not just the availability of online casinos itself that is helping to drive tech in NJ, though. While the increased number of online casinos has allowed for software companies to become more prominent, it’s the tax revenue that has had the biggest impact. This tax revenue has allowed for infrastructure in NJ to be improved to become among the best within the US, which makes it a much more attractive place for tech companies to set up home.

With better infrastructure comes a better environment for technological advancements. We’ll take a closer look at some of the advancements that have come from the increased level of revenue in the state.

Fantastic internet 

If you want to operate any kind of company in the modern world, you need access to the internet. In fact, high speed internet is vital to almost every business in the world. So, it’s great to see that New Jersey is widely regarded as having the best internet access in the whole of the USA. This immediately makes it a great state for tech companies, as they can trust the connections that are available.

What makes this so important is how cloud computing has been driving the modern world. So many modern technologies are either driven by cloud computing or are looking for ways to harness the power of cloud computing. Without reliable internet access, it’s impossible to use this to develop technology. Not just that, it’s a great state to start this form of development, because almost 70% of the residents in the state have access to fiber internet.

This means that New Jersey is a good place to develop and trial pilot schemes. Here, companies are able to try out new technology, especially internet-based technology, and get a good idea of how successful it can be and whether it’s viable on a wider scale. On top of this, the local government has promised to add even more investment into this area in order to improve on the overall internet coverage that is offered within NJ. All of this comes together to make it one of the best states in terms of internet infrastructure.

Great venture capital investment and state help

It might not be what every tech entrepreneur wants to hear, but it’s almost impossible to make it now without venture capital investment. It’s pretty much a fact that in order to grow and scale operations at a sustainable level, there is a requirement for investment. Without it, it’s just not possible to get hold of the equipment and workforce needed to create high-level tech.

This is another reason why New Jersey is attracting so many different tech companies at the moment. In the whole of the US, NJ comes second in terms of venture capital investment. It’s an obvious positive for anyone who is looking to get a new startup up and running. The high levels of investment mean that NJ has become a melting pot for new ideas and new tech companies.

It’s not just the level of private investment that makes New Jersey so appealing, though. There’s also help available at state level. One big example of this is the rent support that is offered to new startups. It allows new companies the opportunity to have a bit of a break when it comes to expenditure. When you’re first starting up, this is very important, especially as cash flow can be tight at first. All of these factors makes New Jersey the perfect petri dish for the next tech boom in the world.